Were you concerned about the rising price of Botox? I can’t tell by looking at you, but if you are, worry not! Brent Saunders, CEO of Allergan, has promised to refrain from ridiculous price hikes on his company’s drugs, which includes, among others, your precious Botulinum toxin.
“I understand the public outcry and add my voice to the condemnation of these behaviors,” Saunders wrote in a blog critiquing the actions of drug companies like Mylan, which recently rolled out an extreme price surge on EpiPens. (Following backlash, Mylan introduced a cheaper, generic version.)
According to CNN Money, Saunders went on to condemn “price gouging actions or predatory pricing” and promised that “price increases for Allergan’s own drugs will be less than 10% and limited to once a year.”
“Our expectation is that the overall cost of our drugs, net of rebates and discounts, will not increase by more than low-to-mid single digits percentages per year, slightly above the current annual rate of inflation,” he said.
Saunders even vowed to move away from a common drug industry practice where a manufacturer jacks up prices as a drug’s patent nears expiration.
“While we have participated in this industry practice in the past, we will stop this practice going forward,” he said.
Saunders claims that some price hiking is necessary to fund medical research and drug development.
Botox, Allergan’s most well known drug, is used to treat several medical ailments including spasms, migraines, and dystonias. In 2002, the FDA approved the use of Botox for the cosmetic treatment of wrinkles and face lines.
Cosmetic dermatologists, like the Kardashians’ go-to man Simon Ourian, have applauded Saunders’ statement.
What a historic win against the natural progression of age.